$GS has been in a “Go” trend since early May.
Since then, we have seen a series of higher highs and higher lows as GoNoGo Trend painted mostly strong blue bars. During this time, GoNoGo Oscillator has been at or above zero, finding support at that level each time, as we expect it should in a strong trend. Most recently, after the last higher high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term, due to waning momentum. Indeed, we saw GoNoGo Trend paint a series of weaker aqua “Go” bars as GoNoGo Oscillator fell to test the zero line from above. It quickly found support at that level, bouncing back into positive territory suggesting a Go Trend Continuation (green circle). With GoNoGo Trend painting a strong blue bar once more, we will see if this momentum resurgence in the direction of the trend will be enough to send price to a new higher high.
